What Is MyMonero? How to Create a New Monero Wallet With MyMonero

If you’re looking to get into Monero, you have a few different wallet choices. The official Monero wallet is often touted as the best, and it’s hard to disagree, but an excellent lightweight alternative is available to XMR users.

MyMonero is a lightweight, open-source Monero wallet that you download or use through a web app. It’s simple to use, has a decent array of features, and is worth a shout for anyone using Monero.

What Is MyMonero?

MyMonero is a handy open-source Monero wallet (designed to store the Monero cryptocurrency) you can download on Windows, macOS, Linux, Android, and iOS or use through a web wallet—covering all the bases. You’ll find the individual download links on the MyMonero Github page, linked below.

Download: MyMonero for Windows, macOS, Linux, Android, iOS (All Free)

What Features Does MyMonero Have?

MyMonero development began in 2014 and has steadily added features ever since.

One of MyMonero’s best features is its lightweight design. You download MyMonero, create or import a wallet, and you’re good to go. You don’t need to download a full version of the Monero blockchain to act as a network node, as MyMonero acts as a “light” node. In that, MyMonero works like an intermediary between you and the blockchain (what wallet doesn’t?!), but its simple user interface makes it easy to use.

MyMonero includes a handy built-in Rolodex, within which you can keep frequently used addresses, payment IDs, and so on. It also supports the OpenAlias project, designed to help simplify the crypto sending process for Monero.

Another useful MyMonero feature is the built-in XMR to BTC exchange, called ChangeNow. You won’t get the absolute best rate on this fixed price exchange tool, but you’ll definitely get the exact price stated in the exchange box. The exchange tool sends your output Bitcoin to a separate address, so make sure you have a destination Bitcoin address ready to use.

Is MyMonero Secure?

MyMonero is a secure wallet, but it could improve in one or two areas.

First up, the common misconception is that MyMonero stores your private wallet key on its servers. That’s not the case. If it did, it could pilfer your XMR. Not suggesting that the MyMonero team would ever do that, as it would instantly wreck their reputation. The confusion stems around the view key, which absolutely is uploaded to the MyMonero server—otherwise, the app wouldn’t be able to view and interact with the Monero blockchain on your behalf. So, your private keys and your spend keys never leave your computer, remaining client side at all times.

Now, where MyMonero could improve security is with the introduction of proper two-factor authentication. The wallet does have an automatic locking feature that requires a PIN, which is okay, but it’s not ideal.

The mymoṇ Scam

Did you notice anything in the URL above? Anything different in the lettering? The keen-eyed will have spotted the dot beneath the “ṇ,” something which can catch users out, using something known as URL spoofing.

Before 2009, URLs could only use the Latin letters a to z, without accents, glyphs, or other symbols. The Internet Corporation for Assigned Names and Numbers (ICANN), a non-profit organization that maintains vital databases intrinsic to internet function, changed this system. As a result, internet users can now register URLs using a vast range of alternative scripts, including Greek, Cyrillic, and Chinese, as well as Latin characters containing accents and more.

The change enabled scammers to use letters mimicking the URL you would expect to see, and for a period, scammers were using the “mymoṇero” URL with a diacritic to scam Monero users looking for the real MyMonero wallet. The fake mymoṇero URL is long dead, thankfully, but it does go to show that you must be vigilant when downloading cryptocurrency wallets.

How to Create a New Monero Wallet with MyMonero

Now you know a little about MyMonero, you can create a new XMR wallet. If you haven’t already, head back to the top of the article and use the download link to grab the latest version of MyMonero. Once downloaded and installed, you can proceed.

  1. Open MyMonero and select the blue plus icon in the top-right corner.
  2. Select Create new wallet.
  3. Add a wallet name, and choose a wallet color if you want. The default is gray.
  4. On the next screen, select Got It! to confirm you’ve read the notes.
  5. Now, you’ll need copy down the mnemonic phrase that appears. Copying this phrase to a secure location is vital. If you lose your wallet or want to transfer it to another app, this is what you’ll need to recover or restore it. Furthermore, you should never share your mnemonic phrase with anyone, as they’ll be able to use it to restore your wallet to another app and steal your XMR.
  6. Next, you’ll have to verify your mnemonic by inputting the first seven words in the correct order.
  7. Once done, your shiny new Monero wallet is ready to use!

How to Import a Monero Wallet Into MyMonero

You can also import XMR wallets from other Monero wallets into MyMonero.

  1. Open MyMonero and select the blue plus icon in the top-right corner.
  2. Select Use existing wallet.
  3. Now, you’ll have to copy and paste the mnemonic phrase from your existing wallet into MyMonero. Alternatively, select Address and Private Keys to use that information to import your wallet.
  4. Add a name and select a color.

Is MyMonero the Best Monero Wallet?

I’m a big fan of MyMonero. It’s lightweight, incredibly simple to use, and doesn’t require you to download the full Monero blockchain to get the best user experience.

Still, the absolute best wallet to use is the official Monero wallet, which comes with a command-line or graphical user interface. However, as above, for the best user experience in the official wallet, you’ll want to download a full version of the XMR blockchain, which at over 100GB takes time and storage some users just don’t have.

If that sounds like you, MyMonero is a great shout for a secure Monero wallet.

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